Okla. Agent Loses License

May 29, 2003

Oklahoma Insurance Commissioner Carroll Fisher announced he revoked the license of a Bartlesville agent accused of lying clients to cover up the fact that he was unable to find coverage for them, as well as taking cash from his employer.

Prior to a hearing on the matter, Beebe Stephenson reportedly admitted he misled several Bartlesville institutions into believing they had insurance coverage when, in fact, they did not. No evidence was presented indicating whether the establishments paid money for non-existent insurance coverage.

One of the entities suffered a $3,500 loss, for which Stephenson’s employer ultimately paid. In another instance, a museum had to be closed for three days after it was learned it had been without insurance coverage some four months.

Despite testimony from numerous character witnesses, Hearing Officer Leslie L. Conner Jr. told Stephenson he was lucky none of the entities suffered large losses during the period they were uninsured. Further, he said the facts of the case required him to revoke the license. Fisher agreed, saying that a public trust had been violated.

“It is certainly unfortunate that Mr. Stephenson’s license was revoked, but we had a situation in which we felt action had to be taken,” Fisher said. “The people of Oklahoma must know they can trust their insurance agents.”

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